JD Sports increases Canterbury investment

BURY-based retailer JD Sports Fashion has paid £1.6m to extend its control of the global distribution of the Canterbury sportswear brand. JD has bought 100 per cent of Canterbury International Australia and 51 per cent of Canterbury of New Zealand.

BURY-based retailer JD Sports Fashion has paid £1.6m to extend its control of the global distribution of the Canterbury sportswear brand.

JD has bought 100 per cent of Canterbury International Australia and 51 per cent of Canterbury of New Zealand.

The sum includes fees of £1.4m to satisfy existing debt.

Both businesses were subsidiaries of Herald Island, which is based in New Zealand and controlled by Ross Munro.

He will retain the remaining 49 per cent of Canterbury of New Zealand, which posted pre-tax profits of £1.8m for the year to June 30, 2008.

In a stock market statement, JD said it does not expect its investments down under to be materially earnings enhancing in the short term, but they will add to the group's control of the Canterbury brand.

Chairman Peter Cowgill said: “We are delighted with these strategic investments as they further enhance our ability to control the global development of the iconic Canterbury brand.”

JD bought Canterbury in August in a £6.5m deal which included the Stockport-based distributor Canterbury Europe.